Borosil Renewables will raise its solar glass production capacity from 450 tpd to 950 tpd at an outlay of Rs 500 crore. The company had successfully completed fund raising of Rs 200 crore through a Qualified Institutions Placement (QIP) in Q3/FY21.
The QIP witnessed over-subscription from reputed global and Indian institutional investors. The marquee international private equity fund, Convergent, as well as institutional investors such as Franklin Templeton, HSBC Global, BNP Asia and Société Générale participated in this transaction.
The funds raised through this transaction are planned to be utilised by the company to service its capital expenditure requirements for a brownfield expansion to more than double its solar glass production capacity.
The term debt of Rs 200 crore has been tied up and the balance will be invested from internal accruals.
The order placement of the critical equipment has already begun and the project is expected to get commissioned during Q1/FY23.